HomeMy WebLinkAbout021208 TPFA MinutesMINUTES OF A REGULAR MEETING
OF THE TEMECULA PUBLIC FINANCING AUTHORITY
FEBRUARY 12, 2008
A regular meeting of the City of Temecula Public Financing Authority was called to order at 7:59
p.m., in the City Council Chambers, 43200 Business Park Drive, Temecula.
ROLL CALL
PRESENT: 5 AUTHORITY MEMBERS: Comerchero, Edwards, Roberts
Washington, Naggar
ABSENT: 0 AUTHORITY MEMBERS: None
Also present were Executive Director Nelson, City Attorney Thorson, and City Clerk Jones.
PUBLIC COMMENTS
No input.
TPFA CONSENT CALENDAR
27 Minutes
RECOMMENDATION:
27.1 Approve the minutes of July 24, 2007.
MOTION: Agency Member Comerchero moved to approve the Consent Calendar. Agency
Member Roberts seconded the motion and electronic vote reflected unanimous approval.
JOINT CITY COUNCILfrPFA BUSINESS
28 Execution and Delivery of Certificates of Participation Relating to the New Civic Center
Facility
RECOMMENDATION
28.1 That the City Council adopt a resolution entitled:
RESOLUTION NO. 08-21
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF TEMECULA
AUTHORIZING AND DIRECTING THE PREPARATION AND EXECUTION OF
CERTAIN LEASE FINANCING DOCUMENTS, AUTHORIZING THE
PREPARATION AND DISTRIBUTION OF A PRELIMINARY OFFICIAL
STATEMENT IN CONNECTION WITH THE OFFERING AND SALE OF
' CERTIFICATES OF PARTICIPATION RELATING THERETO, AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT
THERETO
R: Vul inutes.tpfa\021208
' 28.2 That the Board of Directors adopt a resolution entitled:
RESOLUTION NO. TPFA 08-01
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE TEMECULA PUBLIC
FINANCING AUTHORITY APPROVING, AUTHORIZING, AND DIRECTING
PREPARATION AND EXECUTION OF CERTAIN LEASE FINANCING
DOCUMENTS AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH
RESPECT THERETO
Director of Finance Roberts provided a staff report (of record)
A. Mr. Brian Quint, representing Quint & Thimmig, spoke regarding the two proposed
Resolutions before the City Council.
B. Mr. Jim Fabian, representing Fieldman, Rolapp & Associates, highlighted the rating
report of the financial results demonstrated by the City of Temecula.
City Manager Nelson added the following with respect to the financing of the new Civic Center
project:
• That the estimated budget remains at $44 million; that $5 million was set aside for
furniture, fixtures, and equipment for the facility
' • That more than half of the project will be paid by way of cash and that the remaining half
will be financed through the Certificates of Participation (COP) bonds
• That based on the consultants preliminary analysis, the City may only need to borrow a
gross of $24 million as opposed to $25 million, noting that this will be clarified in March,
2008
• That the annual debt service or yearly payment for the bonds is estimated to be $1.5
million
• That staff has identified an existing revenue stream from the sales tax of CFD 88-12
• That in 2010, the CFD 88-12 annual debt service will be reduced from $1.6 million to
$1.1 million
• That in 2017 the bonds will be fully paid and will generate an additional $1.1 million in
new revenue which will allow the City to cover the debt service cost
For Mayor Naggar, City Manger Nelson noted that the intent would be to pay off the debt
service in 5 to 10 years; and that the new revenue stream identified will help pay the servicing of
the bonds.
In closing, City Manager Nelson noted that staff would be of the opinion that the Civic Center
project will establish Old Town as a true downtown; that the parking structure will provide
hundreds of new parking spaces to accommodate the economic activity and vitality of Old
Town; that the Old Town square will become a major focal point for cultural and community
events for many years to come; and that the new civic center will establish Old Town as the
center of governmental operations for the citizens of Temecula for years to come.
For Council Member Washington, City Manager Nelson reiterated the revenue stream.
R: Wlinutes.tpfa\021208
' A. Mr. Ed Dool, Temecula, relayed his excitement toward the proposed project and thanked
staff and the City Council for working with the Old Town merchants to bring this project to
fruition.
The City Council commended staff on its efforts.
MOTION: Agency Member Roberts moved to approve Item No. 28.1. Agency Member
Comerchero seconded the motion and electronic vote reflected unanimous aaaroval.
MOTION: Agency Member Comerchero moved to approve Item No. 28.2. Agency Member
Edwards seconded the motion and electronic vote reflected unanimous aaaroval.
ADJOURNMENT
At 8:28 p.m., the Temecula Public Financing Authority Meeting was formally adjourned.
I 1 ~I I~~ `ti7C~ ~_
r~~ael S. Naggar, Chairman
ATTEST:
R:1M inutes.tpfa\021208